Rachel Reeves Promises Anti-Profiteering Crackdown And Energy Bill Relief But Wealthier Households Set To Miss Out

Chancellor Rachel Reeves has told MPs the government will not allow companies to exploit rising energy costs driven by the Iran conflict, as she unveiled a package of measures aimed at easing pressure on household bills — while signalling that any direct financial support will be targeted at lower-income families.
Speaking in the Commons, Ms Reeves confirmed she would maintain her fiscal rules despite the economic turbulence caused by the ongoing Middle East conflict, which has disrupted global oil and gas supplies following the closure of the Strait of Hormuz.
The centrepiece of her statement was a new anti-profiteering framework, granting the Competition and Markets Authority time-limited powers to identify and act against unjustified price rises at petrol forecourts and in supermarkets. The Chancellor said Labour was “acting now to protect households” and that firms would not be permitted to use the crisis as cover for excessive pricing.
On energy bills, Ms Reeves stopped short of announcing universal household support, but indicated that targeted assistance for lower-income households was being prepared ahead of the next energy price cap, which is forecast to reach a three-year high this summer. Wealthier households are expected to receive no direct help under the approach being considered.
From next week, households will receive £150 off energy bills, a measure the Chancellor attributed to actions taken by the Labour government.
Ms Reeves also outlined steps intended to strengthen Britain’s long-term energy security, including advancing nuclear energy projects and exploring government-backed indemnities designed to prevent critical infrastructure developments from being delayed by legal challenges.
The Chancellor acknowledged that the Middle East conflict had placed “real pressure” on global energy markets but was firm that Britain would not be drawn into the war militarily.
The statement follows an emergency Cobra meeting convened by Prime Minister Sir Keir Starmer earlier this week, at which senior ministers and the Governor of the Bank of England assessed the economic impact of the Iran conflict on the UK economy.​​​​​​​​​​​​​​​​